From Los Angeles Business Journal · Keerthi Vedantam · · 1m
Series C Round Brings $100 Million to Parallel
Parallel Systems secures $100m series C funding to boost autonomous freight rail.
In brief
Parallel Systems secures $100m series C funding to boost autonomous freight rail. Parallel Systems raised $100 million in series C funding to expand electric autonomous freight rail services. Originally reported by Los Angeles Business Journal.
Parallel Systems Founded
Matt Soule founded Parallel Systems in 2020 after working at SpaceX for 13 years.
“I started really thinking a lot about space exploration technologies corp's mission to make life multi-planetary”
Series C Funding Announced
Parallel Systems raised $100 million in series c funding led by advance venture partners.
“Here is this legacy mode rail, the original technology bubble”
Rail Freight Market Share
Rail accounts for 11% of transborder freight utilization in the u.s. compared to 63% for trucks.
“trucks made up 63% of transborder freight utilization in 2025”
Autonomous Freight Solution
Parallel Systems' panther vehicle moves cargo 500 miles without an operator using battery power.
“The vehicles are also battery-powered, eschewing the fluctuating cost of diesel prices”
Investor Support
Local investors including anthos capital and cobalt capital provided additional funding for the series c round.
“Santa monica-based anthos capital and cobalt capital”
Future Impact
Parallel Systems aims to reduce truck traffic on the 710 freeway by shifting freight to rail.
“If more goods could be moved from los angeles' two ports to rail”
What matters most
Parallel Systems raised $100 million in series C funding to expand electric autonomous freight rail services.
